RBC Cuts Stake in Gates Industrial

Royal Bank of Canada has reduced its stake in Gates Industrial Corporation PLC by 22.4% during the first quarter, according to a recent Securities & Exchange Commission disclosure.

The bank owned 489,492 shares of the company's stock after selling 141,031 shares during the period, valued at $11,069,000 at the end of the most recent reporting period, accounting for 0.19% of Gates Industrial's worth.

This is not an isolated case as other institutional investors and hedge funds have also modified their holdings in the company. For example, Dimensional Fund Advisors LP increased its stakes in Gates Industrial by 2.6% during the first quarter, while JPMorgan Chase & Co. lifted its stake by 98.7% in the fourth quarter.